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Term Or Whole Life Insurance: Which Is Right for You

Term Or Whole Life Insurance: Which Is Right for You

Understanding the basics, benefits and realities of both term life insurance and whole life insurance is important in deciding which is right for you.

Whole Life Insurance

Whole Life Insurance

Read about the difference between Ordinary and Limited-payment life as well as uses for Whole Life insurance.

Types of Life Insurance

Types of Life Insurance

Understand the different types of life insurance & find options that make the most sense for your budget & goals.

Is life insurance worth it?

Deciding if life insurance is worth buying starts with looking at what’s important to you.

A mother and father sit at the table while eating a meal with their young daughter

Do I need life insurance?

A lot of people wonder — should I buy life insurance? What are the benefits? Yolie Aleman-Rodriguez, State Farm® agent in Tolleson, Arizona, helps customers with these questions every day. Her answer — it depends on what’s important to each individual. She talks about the different reasons people buy life insurance, and the impact it can make.

For your family

The biggest reason people buy life insurance is to protect their loved ones. “It is purchased out of love for the family,” says Aleman-Rodriguez. “If you have a partner or a family and don’t have life insurance, they could lose everything if something happened to you. Life insurance will help ensure your family will be taken care of if you’re not there and allow them to continue their standard of living.”

She says most wage earners find it especially important to have life insurance as a Plan B, but stay-at-home parents can benefit from it, too. If something were to happen to them, the other parent would potentially have added expenses, like child care, house cleaning, eating out more, etc. Even if you don’t have a family yet but plan to, it’s more affordable the younger and healthier you are.

For your business

A lot of business owners also have a big need for life insurance. “Not only can it protect your own family, but if you have one or more business partners, you can set up partnership agreements, so that if something happens to one of you, the other partners would take over your share of the business, while the family of the person who dies would get a life insurance payout.”

For giving back

Aleman-Rodriguez has had customers who are passionate about nonprofits and some that travel abroad on mission trips. Some of these customers have purchased life insurance for the expense of being flown back if something were to happen to them overseas. Others have chosen a charity as the beneficiary of their policy, so even if they’re not around, they can continue to give back to their cause. “It’s something that’s dear to them, and many people decide it’s important enough to protect.”

Cost of not having life insurance

So how do you decide if life insurance is worth it? “The most important thing to keep in mind,” advises Aleman-Rodriguez, “is that it could mean you’re able to take care of the people you care about for the rest of their lives, instead of them losing everything.”

She’s helped a lot of customers over the years and has seen firsthand the incredible difference it can make. “It will protect your family for years to come.”

If you’d like to learn more about life insurance and how it can help you protect what’s important, your local State Farm agent is here to help.

Get a quote for term life insurance – if you are interested in additional life products, please contact a State Farm agent.

The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.

State Farm Life Insurance Company (Not licensed in MA, NY or WI)
State Farm Life and Accident Assurance Company (Licensed in NY and WI)
Bloomington, IL

Also Important

What To Consider When Choosing a Beneficiary

What To Consider When Choosing a Beneficiary

What factors should you consider when choosing a beneficiary?

How Much Life Insurance Do I Need?

How Much Life Insurance Do I Need?

Here are some of the main factors to consider when you start thinking about the people & assets you want to protect & how long you want to protect them.